Expensive watches and jewellery and accessories are available for hire (for people attending posh functions, etc.)
Is depreciation applicable to these items - almost all of which do not have a useful life and may even appreciate in value?
Hi @ERICHCLOW,
TR 2022/1 lists the effective life of a vast number of depreciating assets, but not watches and jewellery.
We use the following formular for depreciating assets you started to hold on or after 10 May 2006.
base value × (days held ÷ 365) × (200% ÷ asset's effective life)
Keep in mind you're still going to need an asset's effective life.
Have a look at applying for a private ruling.
Hi @ERICHCLOW,
TR 2022/1 lists the effective life of a vast number of depreciating assets, but not watches and jewellery.
We use the following formular for depreciating assets you started to hold on or after 10 May 2006.
base value × (days held ÷ 365) × (200% ÷ asset's effective life)
Keep in mind you're still going to need an asset's effective life.
Have a look at applying for a private ruling.
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